. A REPORT ON COMMERCIAL REAL ESTATE UP AND DOWN THE COAST.. SHOWS CHANGES ARE IN THE WORKS, AND SOME OF YOUR FAVORITE SITES COULD TAKE ON A NEW LOOK. . NEWSCHANNEL REPORTER JOHN PALMINTERI HAS MORE ON HOW THIS COVERS HOUSING RENTALS AND BUSINESS SPACE.
. The trends in commercial real estate on the Central Coast are showing some hot spots that are in for some significant changes. . A sweeping presentation was delivered by the Radius Group. . A strong area of change, retail strength and an impact on other areas of the city …….is in
The Funk Zone….east of State Street in the waterfront area. Gene Deering Radius Group “… if the Funk Zone didn’t exist would some of those retailers have gone to State? and would State be in a better position….probably .” . A large Funk Zone parcel on Garden Street between the
Railroad tracks and Yanonali is in motion to become a hotel. . It’s a plan that was first conceived about 30 years ago. . Now it’s on track…. and recently passed the Planning Commission….. Gene Deering Radius Group “… you put 250 keys in the Funk Zone and that’s some rocket
Fuel to everything going on down there. ” . And nearby an entire block is going to get a different look. It is bordered by Gray Avenue Santa Barbara Street and Yanonali. . That plan has many building and is still in the design phase.
. and soon the gateway to downtown will have a new entrance…. Gene Deering Radius Group “….it’s a great design and it will look cool when it’s done but we’re spending 11 million dollars on it….if the city can’t keep it clean and make it safe it doesn’t matter
How cool the design is…people aren’t going to want to go down there” John Palminteri “… one of the key locations in downtown that was discussed is the vacant Macy’s building on the corner of State and Ortega at one point it was considered for laser tag and roller skating at the
Presentation they said the entire building should come down and the focus now should be on housing ” Michael Lopus Radius Group “…we know city council and the city wants that project so it will be 500 units it’s 85 000 square feet of retail space. 96 000
Feet of open space there is a desire for that Paseo Nuevo area to change.” . Also up at La Cumbre Shopping Center 640 units of housing is proposed in a project that may be able to get some traction around 2027. . One area of the south
Coast that had been full up when it came to commercial buildings….now has seen a flip. voice of Gene Deering Radius Group “…28 percent vacancy. it’s slow out there in Carpinteria. A lot of that has to do with Procore. they’ve got 78,000 square feet on the bluffs up for sublease”
. When it comes to multiple unit housing projects, the presentation showed rising rental rates for now have plateaued. . And many cities along with the state are improving their landlord-tenant rules ranging from the size of deposits to reasons for evictions. . A NEW HOTEL COULD BE COMING
TO DOWNTOWN PASO ROBLES. . THE CITY’S PLANNING COMMISSION APPROVED THE PARKVIEW SUITS PROJECT FOR THE CORNER OF 11TH STREET AND PARK STREET, FACING THE DOWNTOWN CITY PARK. . THE 12-SUITE HOTEL WOULD BE THREE STORIES TALL. . IT ALSO HAS ROOM FOR 3 COMMERCIAL TENANTS ON THE BOTTOM FLOOR.
. THE SLO TRIBUNE REPORTS IT WOULD BE ONE OF THE TALLEST BUILDINGS IN THE CITY
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